Guideline Value for Vijaya Nagar 2nd Cross Street

Vijaya Nagar 2nd Cross Street guideline value

The current guideline value of Vijaya Nagar 2nd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Vijaya Nagar 2nd Cross Street has changed

Over the years, the guideline value of Vijaya Nagar 2nd Cross Street has seen significant changes. In 2002, the guideline value was Rs 361 per sq.ft, which increased to Rs 393 per sq.ft in 2003. Following this, the value rose to Rs 500 per sq.ft in 2007, marking an increase of 27%. The value surged dramatically to Rs 3,500 per sq.ft in 2012, a rise of 600%. However, it then dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33%. The most recent revision in 2024 has brought the guideline value to Rs 3,850 per sq.ft, reflecting an increase of 64% from the previous figure.

It is important to note that there is no figure for this street in the 2023 revision. Overall, from 2002 to 2024, the guideline value has increased by 966%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,850 per sq.ft, which is equal to the 2024 figure for Vijaya Nagar 2nd Cross Street.

• Vijaya Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Vijaya Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Vijaya Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Vijaya Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Vijaya Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Vishalatchi Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Vijaya Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, these fees would total Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vijaya Nagar 2nd Cross Street?

The Sub Registrar Office that covers Vijaya Nagar 2nd Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Valasaravakkam

The guideline value is an essential factor in the registration process when buying or selling property in Valasaravakkam. It determines the minimum value at which the property can be registered and is used to calculate stamp duty and registration fees.

When a buyer purchases property, the guideline value ensures that the transaction is recorded at a fair value, reflecting the market conditions. This helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue from stamp duties.

Frequently asked questions

What is the current guideline value of Vijaya Nagar 2nd Cross Street?

The current guideline value of Vijaya Nagar 2nd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 361 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 966% over this period.

What is the land classification for Vijaya Nagar 2nd Cross Street?

Vijaya Nagar 2nd Cross Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Vijaya Nagar 2nd Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty at 7% would be Rs 2,69,500.